The loan is repaid when the last borrower passes away, sells the home, or moves out permanently. Eligibility Requirements

The reverse mortgage covers the remaining balance of the home's cost.

Instead of buying a home with all cash or a traditional mortgage, you use a HECM for Purchase to cover the cost in a single transaction.

You provide a substantial down payment, typically between 45% and 62% of the purchase price, often from the sale of a previous home.

You are not required to make monthly principal and interest payments as long as you live in the home.

To qualify for a HECM for Purchase, you must meet several key standards: Can I use a reverse mortgage loan to buy a home?

Yes, you can buy a home using a reverse mortgage through a specific program called (H4P). This federal program allows seniors to purchase a new primary residence while eliminating monthly mortgage payments, provided they meet certain financial and age-related criteria. How It Works